You should know that RedHat, CentOS or Amazon Linux AMI are not the best choice when it comes to use Bitcoin wallet or other Bitcoin related activities. If you are looking for the easy path you should use Ubuntu Linux or Microsoft Windows as platform. The community is much bigger there.

But if you are determined like me to have your Bitcoin Wallet in the Cloud here you have some instructions. They apply to RedHat and its branches like AWS Linux AMI and CentOS.

Launch a EC2 Instance using Amazon Linux AMI HVM. In this example is ami-b521dfc2 (Ireland). I suggest to use the HVM version to maintain compatibility among different EC2 Instance Types.

All command are executed using ec2-user

Update & Reboot

sudo yum updatesudo reboot

PU_IAS6 Repository & Berkeley DB4.8

We will need Berkeley DB 4.8 but our OS comes with 4.7. Let's use PUIAS repository to get the RPMs with need.
Create the repository config file /etc/yum.repos.d/puias-computational.repo and paste into it the repository definition.

$ bitcoind
Error: To use the "-server" option, you must set a rpcpassword in the configuration file:
/home/ec2-user/.bitcoin/bitcoin.conf
It is recommended you use the following random password:
rpcuser=bitcoinrpc
rpcpassword=abcdabcdabcdabcdabcdabcdabcdabcdabcdabcdabcdabcd
(you do not need to remember this password)
The username and password MUST NOT be the same.
If the file does not exist, create it with owner-readable-only file permissions.
It is also recommended to set alertnotify so you are notified of problems;
for example: alertnotify=echo %s | mail -s "Bitcoin Alert" admin@foo.com

$

Bitcoind is telling us that we need a minimal configuration file to start with. With the first execution the .bitcoin folder is automatically created under our user directory.

This is our wallet loading and verifying all the Bitcoin blockchain. When the process is complete your wallet will become a node of the Bitcoin network and will help validating Bitcoin transactions. It could take more than 24 hours for the process to complete. You can learn more about this here.
There is a way to speed up this process by downloading a Torrent file. More details at the end of this post.

You can issue commands to interact with the daemon. For instance:

bitcoind getblockcount

to get the number of blocks imported so far. Type bitcoind help for the whole list.